THREAD: #hina’s opening-up features constant evolution of economic thinking, with different ideas prevailing in different stages of development. Now the focus has shifted from “bringing in” to “going out,” said former #PBOC governor Zhou Xiaochuan in a recent speech: 1/7
As an integral part of China’s opening-up drive, financial opening shares some
similarities with the opening of other industries. But as a lifeblood
industry, it's sensitive by nature and will slow down when uncertainties
are on the rise. 2/7
similarities with the opening of other industries. But as a lifeblood
industry, it's sensitive by nature and will slow down when uncertainties
are on the rise. 2/7
In recent years, prevailing #protectionism, modern technological development & money market sanctions have caused distortions in global market system. This requires us to stop sticking rigidly to traditional thinking when analyzing all the current problems. 3/7
Instead, new paradigms need to be introduced into the economic theories. China should get prepared for a prolonged trade war with the #UnitedStates States and study how to maintain a market order that underpins competitiveness. 4/7
More importantly, China should attach great importance to and proactively promote the internationalization of RMB, work to get rid of the restrictions of an international money system dominated by US dollar and carry forward our causes.
5/7
5/7
These more significant issues include economic #globalization, trade liberalization, investment facilitation, #multilateralism and building a community of shared future for mankind. 6/7
Financial opening is actually in line with the opening-up of the economy as a whole in terms of its overall logic and the applicability of past experience and lessons: cf40.org.cn/uploads/newsle… 7/7
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